Parks Associates Releases White Paper in Partnership with Resideo: "The Power Play: Uniting Smart Devices for Home Energy Management"

Smart thermostat ownership reaches 16% of US internet households

DALLAS, Jan. 11, 2024 /PRNewswire/ -- Parks Associates announced a new white paper today in partnership with Resideo, "The Power Play: Uniting Smart Devices for Home Energy Management," which highlights the current consumer demand for energy efficiency and strategies to deploy comprehensive, interoperable energy management solutions for US households. Parks Associates' ongoing quarterly research of 8,000 US internet households shows adoption of smart thermostats increased to 16% by the end of 2022, as 62% of US internet households say their electricity costs are too high.

The white paper examines practical solutions and the latest advancements in smart home technology that contribute to energy management. Examples include smart blinds that adjust automatically to optimize natural light, smart lighting systems that respond to occupancy, and intelligent electrical panels that allow for precise control over home energy usage. The challenge across industries is to create a unified experience for consumers, where multiple devices are interoperable and integrate with utility demand response and time-of-use programs.

"Rising costs are motivating consumers to seek out energy-efficient solutions, but the lack of interoperability between different brands and generations of smart devices poses a significant barrier to effective energy management," said Jennifer Kent, VP, Research, Parks Associates. "In addition, utilities and energy providers would gain extensive insight and ability to optimize energy usage if energy devices such as solar inverters, smart thermostats, room sensors, and smart blinds work together."

"Resideo is working with industry groups to help guide interoperability standards adoption that will deepen our whole-home energy management platform, impact electric grid stability and enable simplified electrification," said Linsey Miller, Senior Vice President, Business Development and Strategic Marketing, Resideo. "The Resideo Energy Management team, together with utilities, providers and other smart appliance brands, can help deliver more comfortable and efficient homes to curb consumer costs and decrease overall energy use."

"The Power Play" highlights the barriers and opportunities that exist in making optimized whole-home energy management a reality. Beyond detailing technological capabilities, the white paper examines the broader implications for various stakeholders in the energy sector, including the benefits to energy providers, device-makers, and retailers, and charts a course for the future development of these critical technologies. This white paper is a valuable resource for industry professionals, technology enthusiasts, and anyone invested in the future of home energy management.

For more information, contact Mindi Sue Sternblitz-Rubenstein at [email protected] or call 972-490-1113

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

Contact:
Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.996.0212
[email protected]

SOURCE Parks Associates